This invention relates to trading systems particularly financial trading systems.
Electronic equity markets, such as The Nasdaq Stock Market® collect, aggregate, display pre-trade information to market participants. Electronic equity markets also provide trading platforms through which market participants may access liquidity indicated in the marketplace. In some types of markets customer orders are entered by broker/dealers or equivalents and traded against other orders or quotes that are displayed by market makers or electronic commerce networks (ECN's). Sometimes orders are for what is commonly referred to as an odd lot, e.g., an order that is not a multiple of 100 shares.
Some systems include a separate odd lot process to execute orders for odd lots or mixed lots. Due to the separate odd lot processing, market participants may not get the best executions and the odd lots prices are not displayed in a round-lot-based system.